SEOUL, South Korea, May 12, 2021 – Coway Co., Ltd., a leading environmental home appliances company, announced its financial results for the first quarter of 2021.
"Exciting new products and impactful marketing campaigns propelled our performance, both domestically and internationally," said Soon Tae Kim, the chief financial officer of Coway. "To drive long-term growth, we'll continue to focus on our competitiveness in the domestic market while expanding further into overseas markets."
Coway reported the following earnings:
The reported figures are taken from the consolidated K-IFRS (International Financial Reporting Standards) statement.
The consolidated revenue for domestic environmental home appliance sales reached KRW 538.5 billion thanks to a stable rise in rental accounts. The number of domestic rental sales was 321,000, with 6.36 million accounts in Korea.
Overseas subsidiaries reported revenue of KRW 294.2 billion for the first quarter, up 56.4% year over year. Malaysia and the USA, the standout overseas subsidiaries, performed highly in Q1, reporting KRW 240.4 billion (+56.8% YoY) and KRW 42.9 billion (+57.9% YoY), respectively. The total number of overseas accounts has increased by 32.7% to now reach 2.1 million, breaking the 2 million mark.
The company's total rental accounts for the first quarter of 2021 have risen by 560,000 to 8.46 million. The overall success of overseas business accounts was a key driver here.
Coway Announces Financial Results for Q1 FY2021
For additional details about Coway's financial performance, please visit the company's Investor Relations page.
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